PBF Logistics LP (NYSE: PBFX, the "Partnership"), a master limited partnership formed by PBF Energy Inc., announced that it has entered into definitive subscription agreements with certain institutional investors, pursuant to which the Partnership will sell an aggregate of 6,585,500 common units directly to such institutional investors in a registered direct offering for gross proceeds of approximately $135.0 million. The offering is expected to close on April 29, 2019, subject to customary closing conditions.

The Partnership plans to use the net proceeds from this offering, after placement fees and other estimated offering expenses, to fund a portion of the purchase price for its acquisition from an affiliate of PBF Energy Inc. of the remaining 50 percent interest in the Torrance Valley Pipeline Company LLC that it does not currently own. If the Partnership does not consummate such transaction, the Partnership intends to use the net proceeds from this offering for general partnership purposes, which may include reducing indebtedness outstanding under its revolving credit facility. The offering is not conditioned on the closing of the acquisition.

RBC Capital Markets, LLC acted as the placement agent for the transaction.

PBF Logistics LP 

PBF Logistics LP, headquartered in Parsippany, New Jersey, is a fee-based, growth-oriented master limited partnership formed by PBF Energy Inc. to own or lease, operate, develop and acquire crude oil and refined petroleum products terminals, pipelines, storage facilities and similar logistics assets.